Stock Market Technical News 18 December

Markets opened on a good note but could not sustain on resistance levels and dropped towards their crucial support led by banking stocks in the later half and closed flat with negatively biased ahead of RBI Monetary Policy. Nifty future has closed near to the crucial support of 6140 and as per forecasted hike of 25 bps by RBI; index may drag towards next support of 6100-6080. On higher side, strength can now only be seen if it sustains above 21 day EMA of 6220.